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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission File Number: 0-11487
LAKELAND FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Indiana | 35-1559596 |
(State or Other Jurisdiction | (IRS Employer |
of Incorporation or Organization) | Identification No.) |
| | | |
202 East Center Street, | |
Warsaw | , | Indiana | 46580 |
(Address of principal executive offices) | (Zip Code) |
(574) 267‑6144
(Registrant’s Telephone Number, Including Area Code)
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common stock, No par value | | LKFN | | NASDAQ |
| | | | (Nasdaq Global Select Market) |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of common stock outstanding at April 21, 2022: 25,346,149
TABLE OF CONTENTS
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
| (Unaudited) | | |
ASSETS | | | |
Cash and due from banks | $ | 71,669 | | | $ | 51,830 | |
Short-term investments | 403,355 | | | 631,410 | |
Total cash and cash equivalents | 475,024 | | | 683,240 | |
| | | |
Securities available-for-sale (carried at fair value) | 1,522,535 | | | 1,398,558 | |
Real estate mortgage loans held-for-sale | 2,234 | | | 7,470 | |
| | | |
Loans, net of allowance for credit losses of $67,526 and $67,773 | 4,286,188 | | | 4,220,068 | |
| | | |
Land, premises and equipment, net | 58,883 | | | 59,309 | |
Bank owned life insurance | 97,722 | | | 97,652 | |
Federal Reserve and Federal Home Loan Bank stock | 12,840 | | | 13,772 | |
Accrued interest receivable | 19,448 | | | 17,674 | |
Goodwill | 4,970 | | | 4,970 | |
Other assets | 92,415 | | | 54,610 | |
Total assets | $ | 6,572,259 | | | $ | 6,557,323 | |
| | | |
| | | |
LIABILITIES | | | |
Noninterest bearing deposits | $ | 1,880,418 | | | $ | 1,895,481 | |
Interest bearing deposits | 3,940,205 | | | 3,839,926 | |
Total deposits | 5,820,623 | | | 5,735,407 | |
| | | |
Borrowings - Federal Home Loan Bank advances | 75,000 | | | 75,000 | |
| | | |
Accrued interest payable | 2,303 | | | 2,619 | |
Other liabilities | 65,231 | | | 39,391 | |
Total liabilities | 5,963,157 | | | 5,852,417 | |
| | | |
STOCKHOLDERS’ EQUITY | | | |
Common stock: 90,000,000 shares authorized, no par value | | | |
25,816,997 shares issued and 25,346,149 outstanding as of March 31, 2022 | | | |
25,777,609 shares issued and 25,300,793 outstanding as of December 31, 2021 | 121,138 | | | 120,615 | |
Retained earnings | 596,578 | | | 583,134 | |
Accumulated other comprehensive income (loss) | (93,687) | | | 16,093 | |
Treasury stock at cost (470,848 shares as of March 31, 2022, 476,816 shares as of December 31, 2021) | (15,016) | | | (15,025) | |
Total stockholders’ equity | 609,013 | | | 704,817 | |
Noncontrolling interest | 89 | | | 89 | |
Total equity | 609,102 | | | 704,906 | |
Total liabilities and equity | $ | 6,572,259 | | | $ | 6,557,323 | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME (unaudited - in thousands, except share and per share data)
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
NET INTEREST INCOME | | | | | | | |
Interest and fees on loans | | | | | | | |
Taxable | $ | 39,735 | | | $ | 43,461 | | | | | |
Tax exempt | 169 | | | 104 | | | | | |
Interest and dividends on securities | | | | | | | |
Taxable | 3,278 | | | 1,835 | | | | | |
Tax exempt | 4,606 | | | 2,489 | | | | | |
Other interest income | 246 | | | 88 | | | | | |
Total interest income | 48,034 | | | 47,977 | | | | | |
| | | | | | | |
Interest on deposits | 3,081 | | | 4,218 | | | | | |
Interest on borrowings | | | | | | | |
Short-term | 0 | | | 7 | | | | | |
Long-term | 73 | | | 73 | | | | | |
Total interest expense | 3,154 | | | 4,298 | | | | | |
| | | | | | | |
NET INTEREST INCOME | 44,880 | | | 43,679 | | | | | |
| | | ` | | | | |
Provision for credit losses | 417 | | | 1,477 | | | | | |
| | | | | | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 44,463 | | | 42,202 | | | | | |
| | | | | | | |
NONINTEREST INCOME | | | | | | | |
Wealth advisory fees | 2,287 | | | 2,178 | | | | | |
Investment brokerage fees | 519 | | | 464 | | | | | |
Service charges on deposit accounts | 2,809 | | | 2,491 | | | | | |
Loan and service fees | 2,889 | | | 2,776 | | | | | |
Merchant card fee income | 815 | | | 622 | | | | | |
Bank owned life insurance income (loss) | (83) | | | 756 | | | | | |
Interest rate swap fee income | 50 | | | 249 | | | | | |
Mortgage banking income | 509 | | | 1,373 | | | | | |
Net securities gains | 0 | | | 753 | | | | | |
Other income | 892 | | | 895 | | | | | |
Total noninterest income | 10,687 | | | 12,557 | | | | | |
| | | | | | | |
NONINTEREST EXPENSE | | | | | | | |
Salaries and employee benefits | 14,392 | | | 14,385 | | | | | |
Net occupancy expense | 1,629 | | | 1,503 | | | | | |
Equipment costs | 1,411 | | | 1,445 | | | | | |
Data processing fees and supplies | 3,081 | | | 3,319 | | | | | |
Corporate and business development | 1,219 | | | 1,509 | | | | | |
FDIC insurance and other regulatory fees | 439 | | | 464 | | | | | |
Professional fees | 1,559 | | | 1,877 | | | | | |
Other expense | 3,239 | | | 2,244 | | | | | |
Total noninterest expense | 26,969 | | | 26,746 | | | | | |
| | | | | | | |
INCOME BEFORE INCOME TAX EXPENSE | 28,181 | | | 28,013 | | | | | |
Income tax expense | 4,539 | | | 5,030 | | | | | |
NET INCOME | $ | 23,642 | | | $ | 22,983 | | | | | |
| | | | | | | |
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,515,271 | | | 25,457,659 | | | | | |
| | | | | | | |
BASIC EARNINGS PER COMMON SHARE | $ | 0.93 | | | $ | 0.90 | | | | | |
| | | | | | | |
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,690,372 | | | 25,550,111 | | | | | |
| | | | | | | |
DILUTED EARNINGS PER COMMON SHARE | $ | 0.92 | | | $ | 0.90 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited - in thousands)
| | | | | | | | | | | | | | | |
| Three months ended March 31, | | |
| 2022 | | 2021 | | | | |
Net income | $ | 23,642 | | | $ | 22,983 | | | | | |
Other comprehensive income (loss) | | | | | | | |
Change in securities available-for-sale: | | | | | | | |
Unrealized holding gain (loss) on securities available-for-sale arising during the period | (138,995) | | | (15,297) | | | | | |
Reclassification adjustment for gains included in net income | 0 | | | (753) | | | | | |
Net securities gain (loss) activity during the period | (138,995) | | | (16,050) | | | | | |
Tax effect | 29,188 | | | 3,371 | | | | | |
Net of tax amount | (109,807) | | | (12,679) | | | | | |
Defined benefit pension plans: | | | | | | | |
Amortization of net actuarial loss | 36 | | | 60 | | | | | |
Net gain activity during the period | 36 | | | 60 | | | | | |
Tax effect | (9) | | | (15) | | | | | |
Net of tax amount | 27 | | | 45 | | | | | |
Total other comprehensive income (loss), net of tax | (109,780) | | | (12,634) | | | | | |
Comprehensive income (loss) | $ | (86,138) | | | $ | 10,349 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited - in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total Stockholders’ Equity | | Noncontrolling Interest | | Total Equity |
| Shares | | Stock | | | | | | |
| | | | | | | | | | | | | | | |
Balance at January 1, 2021 | 25,239,748 | | | $ | 114,927 | | | $ | 529,005 | | | $ | 27,744 | | | $ | (14,581) | | | $ | 657,095 | | | $ | 89 | | | $ | 657,184 | |
Adoption of ASU 2016-13 | | | | | (6,951) | | | | | | | (6,951) | | | | | $ | (6,951) | |
Comprehensive income: | | | | | | | | | | | | | | | |
Net income | | | | | 22,983 | | | | | | | 22,983 | | | | | 22,983 | |
Other comprehensive income (loss), net of tax | | | | | | | (12,634) | | | | | (12,634) | | | | | (12,634) | |
Cash dividends declared and paid, $0.34 per share | | | | | (8,647) | | | | | | | (8,647) | | | | | (8,647) | |
Treasury shares purchased under deferred directors' plan | (3,634) | | | 219 | | | | | | | (219) | | | 0 | | | | | 0 | |
Treasury shares sold and distributed under deferred directors' plan | 5,664 | | | (115) | | | | | | | 115 | | | 0 | | | | | 0 | |
Stock activity under equity compensation plans | 49,130 | | | (1,648) | | | | | | | | | (1,648) | | | | | (1,648) | |
Stock based compensation expense | | | 1,381 | | | | | | | | | 1,381 | | | | | 1,381 | |
Balance at March 31, 2021 | 25,290,908 | | | $ | 114,764 | | | $ | 536,390 | | | $ | 15,110 | | | $ | (14,685) | | | $ | 651,579 | | | $ | 89 | | | $ | 651,668 | |
| | | | | | | | | | | | | | | |
Balance at January 1, 2022 | 25,300,793 | | | $ | 120,615 | | | $ | 583,134 | | | $ | 16,093 | | | $ | (15,025) | | | $ | 704,817 | | | $ | 89 | | | $ | 704,906 | |
Comprehensive loss: | | | | | | | | | | | | | | | |
Net income | | | | | 23,642 | | | | | | | 23,642 | | | | | 23,642 | |
Other comprehensive income (loss), net of tax | | | | | | | (109,780) | | | | | (109,780) | | | | | (109,780) | |
Cash dividends declared and paid, $0.40 per share | | | | | (10,198) | | | | | | | (10,198) | | | | | (10,198) | |
Treasury shares purchased under deferred directors' plan | (2,587) | | | 212 | | | | | | | (212) | | | 0 | | | | | 0 | |
Treasury shares sold and distributed under deferred directors' plan | 8,555 | | | (221) | | | | | | | 221 | | | 0 | | | | | 0 | |
Stock activity under equity compensation plans | 39,388 | | | (1,728) | | | | | | | | | (1,728) | | | | | (1,728) | |
Stock based compensation expense | | | 2,260 | | | | | | | | | 2,260 | | | | | 2,260 | |
Balance at March 31, 2022 | 25,346,149 | | | $ | 121,138 | | | $ | 596,578 | | | $ | (93,687) | | | $ | (15,016) | | | $ | 609,013 | | | $ | 89 | | | $ | 609,102 | |
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited - in thousands)
| | | | | | | | | | | | | | |
Three Months Ended March 31, | | 2022 | | 2021 |
Cash flows from operating activities: | | | | |
Net income | | $ | 23,642 | | | $ | 22,983 | |
Adjustments to reconcile net income to net cash from operating activities: | | | | |
Depreciation | | 1,516 | | | 1,575 | |
Provision for credit losses | | 417 | | | 1,477 | |
| | | | |
Amortization of loan servicing rights | | 223 | | | 198 | |
Net change in loan servicing rights valuation allowance | | (360) | | | (197) | |
Loans originated for sale, including participations | | (12,468) | | | (32,629) | |
Net gain on sales of loans | | (513) | | | (1,233) | |
Proceeds from sale of loans, including participations | | 18,058 | | | 25,692 | |
Net (gain) loss on sales of premises and equipment | | 1 | | | (1) | |
Net gain on sales and calls of securities available-for-sale | | 0 | | | (753) | |
Net securities amortization | | 1,654 | | | 958 | |
Stock based compensation expense | | 2,260 | | | 1,381 | |
Losses (earnings) on life insurance | | 83 | | | (756) | |
Gain on life insurance | | 0 | | | (202) | |
Tax benefit of stock award issuances | | (500) | | | (266) | |
Net change: | | | | |
Interest receivable and other assets | | (2,822) | | | (1,415) | |
Interest payable and other liabilities | | 16,513 | | | 6,980 | |
Total adjustments | | 24,062 | | | 809 | |
Net cash from operating activities | | 47,704 | | | 23,792 | |
| | | | |
Cash flows from investing activities: | | | | |
Proceeds from sale of securities available- for-sale | | 0 | | | 13,506 | |
Proceeds from maturities, calls and principal paydowns of securities available-for-sale | | 29,647 | | | 31,734 | |
Purchases of securities available-for-sale | | (292,127) | | | (161,224) | |
Purchase of life insurance | | (43) | | | (528) | |
Net (increase) decrease in total loans | | (66,537) | | | 174,303 | |
Proceeds from sales of land, premises and equipment | | 0 | | | 2 | |
Purchases of land, premises and equipment | | (1,091) | | | (2,162) | |
Proceeds from redemption of Federal Home Loan Bank stock | | 932 | | | 0 | |
| | | | |
Proceeds from life insurance | | 0 | | | 329 | |
Net cash from investing activities | | (329,219) | | | 55,960 | |
| | | | |
Cash flows from financing activities: | | | | |
Net increase in total deposits | | 85,216 | | | 193,165 | |
Net increase (decrease) in short-term borrowings | | 0 | | | (10,500) | |
| | | | |
| | | | |
Common dividends paid | | (10,198) | | | (8,647) | |
| | | | |
Payments related to equity incentive plans | | (1,728) | | | (1,648) | |
Purchase of treasury stock | | (212) | | | (219) | |
Sale of treasury stock | | 221 | | | 115 | |
Net cash from financing activities | | 73,299 | | | 172,266 | |
Net change in cash and cash equivalents | | (208,216) | | | 252,018 | |
Cash and cash equivalents at beginning of the period | | 683,240 | | | 249,927 | |
Cash and cash equivalents at end of the period | | 475,024 | | | 501,945 | |
Cash paid during the period for: | | | | |
Interest | | $ | 3,470 | | | $ | 5,973 | |
| | | | |
Supplemental non-cash disclosures: | | | | |
Loans transferred to other real estate owned | | 0 | | | 131 | |
Securities purchases payable | | 2,146 | | | 5,855 | |
Right-of-use assets obtained in exchange for lease liabilities | | 1,612 | | | 0 | |
The accompanying notes are an integral part of these consolidated financial statements.
NOTE 1. BASIS OF PRESENTATION
This report is filed for Lakeland Financial Corporation (the "Company"), which has two wholly owned subsidiaries, Lake City Bank (the "Bank") and LCB Risk Management, a captive insurance company. Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation.
The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2022. The Company’s 2021 Annual Report on Form 10-K should be read in conjunction with these statements.
Newly Issued But Not Yet Effective Accounting Standards
On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, "Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which could include Secured Overnight Financing Rate (“SOFR”), amongst others. The Company has identified loans that renewed prior to 2021 and obtained updated reference rate language at the time of renewal. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during this transitional period. The Company has adhered to the International Swaps and Derivatives Association 2020 IBOR Fallbacks Protocol that was released on October 23, 2020.
The Company discontinued the use of new LIBOR-based loans by December 31, 2021, according to regulatory guidelines. Legacy LIBOR-based loans will be transitioned to an alternative reference rate on or before June 30, 2023. The guidance under ASC 848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard, and does note expect such adoption to have a material impact on the consolidated financial statements.
In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (ASC 815): Fair Value Hedging - Portfolio Layer Method." ASC 815 currently permits only prepayable financial assets and one or more beneficial interests secured by a portfolio of prepayable financial instruments to be included in a last-of-layer closed portfolio. The amendments in this Update allow nonprepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonpreapayble financial assets, thereby allowing consistent accounting for similar hedges. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (ASC 326): Troubled Debt Restructurings (TDRs) and Vintage Disclosures." The guidance amends ASC 326 to eliminate the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancing and restructuring activities by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying TDR recognition and measurement guidance, creditors will determine whether a modification results in a new loan or continuation of existing loan. These amendments are intended to enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, the amendments to ASC 326 require that an entity disclose current-period gross writeoffs by year of origination within the vintage disclosures, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. The guidance is only for entities that have adopted the amendments in Update 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption using prospective application, including adoption in an interim period where the guidance should be applied as of the beginning of the fiscal year. The Company is currently assessing the impact of ASU 2022-02 on its disclosures and control structure; however, the Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
Reclassification
Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported.
NOTE 2. SECURITIES
Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands) | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Losses | | Allowance for Credit Losses | | Fair Value |
March 31, 2022 | | | | | | | | | | |
U.S. Treasury securities | | $ | 2,250 | | | $ | 0 | | | $ | (4) | | | $ | 0 | | | $ | 2,246 | |
U.S. government sponsored agencies | | 164,514 | | | 0 | | | (11,622) | | | 0 | | | 152,892 | |
Mortgage-backed securities: residential | | 634,654 | | | 680 | | | (39,013) | | | 0 | | | 596,321 | |
Mortgage-backed securities: commercial | | 96 | | | 0 | | | 0 | | | 0 | | | 96 | |
State and municipal securities | | 838,427 | | | 4,608 | | | (72,055) | | | 0 | | | 770,980 | |
Total | | $ | 1,639,941 | | | $ | 5,288 | | | $ | (122,694) | | | $ | 0 | | | $ | 1,522,535 | |
| | | | | | | | | | |
December 31, 2021 | | | | | | | | | | |
U.S. Treasury securities | | $ | 900 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 900 | |
U.S. government sponsored agencies | | 145,858 | | | 39 | | | (2,445) | | | 0 | | | 143,452 | |
Mortgage-backed securities: residential | | 487,157 | | | 4,455 | | | (4,936) | | | 0 | | | 486,676 | |
Mortgage-backed securities: commercial | | 522 | | | 1 | | | 0 | | | 0 | | | 523 | |
State and municipal securities | | 742,532 | | | 25,749 | | | (1,274) | | | 0 | | | 767,007 | |
Total | | $ | 1,376,969 | | | $ | 30,244 | | | $ | (8,655) | | | $ | 0 | | | $ | 1,398,558 | |
Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of March 31, 2022 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.
| | | | | | | | | | | | | | |
(dollars in thousands) | | Amortized Cost | | Fair Value |
Due in one year or less | | $ | 3,356 | | | $ | 3,357 | |
Due after one year through five years | | 11,031 | | | 11,140 | |
Due after five years through ten years | | 54,556 | | | 54,559 | |
Due after ten years | | 936,248 | | | 857,062 | |
| | 1,005,191 | | | 926,118 | |
Mortgage-backed securities | | 634,750 | | | 596,417 | |
Total debt securities | | $ | 1,639,941 | | | $ | 1,522,535 | |
Securities proceeds, gross gains and gross losses are presented below.
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
(dollars in thousands) | | | | | | 2022 | | 2021 |
Sales of securities available-for-sale | | | | | | | | |
Proceeds | | | | | | $ | 0 | | | $ | 13,506 | |
Gross gains | | | | | | 0 | | | 753 | |
Gross losses | | | | | | 0 | | | 0 | |
Number of securities | | | | | | 0 | | | 7 | |
In accordance with ASU No. 2017-8, purchase premiums for callable securities are amortized to the earliest call date and premiums on non-callable securities as well as discounts are recognized in interest income using the interest method over the terms of the securities or over the estimated lives of mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date.
Securities with carrying values of $272.6 million and $300.8 million were pledged as of March 31, 2022 and December 31, 2021, respectively, as collateral for borrowings from the Federal Home Loan Bank and Federal Reserve Bank and for other purposes as permitted or required by law.
Information regarding securities with unrealized losses as of March 31, 2022 and December 31, 2021 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Less than 12 months | | 12 months or more | | Total |
(dollars in thousands) | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses |
March 31, 2022 | | | | | | | | | | | | |
U.S. Treasury securities | | $ | 2,246 | | | $ | 4 | | | $ | 0 | | | $ | 0 | | | $ | 2,246 | | | $ | 4 | |
U.S. government sponsored agencies | | 126,338 |